Charlie Lake and Montney wells drive strong quarter for Advantage Energy

CALGARY, AB – Advantage Energy has credited a strong second quarter partly to better-than-expected performance from its Charlie Lake and Montney drilling programs.

The company says it produced an average of 78,108 barrels of oil equivalent per day (boe/d) during Q2 (April 1st-June 30th), an 18 per cent jump compared to the same period last year.

A major boost came from liquids production, which rose 66 per cent year-over-year to nearly 12 thousand per day. Much of that growth came from the Charlie Lake area, where new wells are “continuing to outperform” expectations, according to Advantage’s press release issued on August 6th.

Advantage bought the Charlie Lake assets in 2024 and says the investment is already paying off.

Since the acquisition, it reports operating costs have dropped by over 25 per cent and profit margins (known as netbacks) have increased by 50 per cent.

In its Montney program, the company added three new gas and oil wells during the quarter. All six produced more than forecasted. However, it also says drilling activity was scaled back due to the expectation of low gas prices in the region.

The company still plans to grow production by five to 10 per cent each year through 2027.

Full quarterly results are available here.